Sprott Resource Corp. Announces 2013 Third Quarter Results

"The current downturn in the resource sector provides tremendous
opportunities to make investments at extremely compelling valuations,"
said Mr. Yuzpe. "We believe that we have the right team in place to
take advantage of these opportunities, while continuing to support the
development of our current portfolio of investments. As always, our
primary focus will be pursuing accretive transactions to create value
for our shareholders."

"In November, subsequent to quarter end, we completed the disposition of
our gold bullion holdings for gross proceeds of approximately US$76
million," continued Mr. Yuzpe. "This transaction gives us the financial
flexibility to eliminate our outstanding debt, while providing the
Company with approximately $24 million to pursue new investment
opportunities."

"We have a strong portfolio of investments, the largest of which is our
position in Long Run Exploration Ltd. ("Long Run") which enjoyed
excellent performance during the third quarter and contributed to a
significant increase in our net asset value," added Mr. Yuzpe. "In
addition, Long Run recently announced a $0.402 cent per share annual
dividend which, through our current holdings in the company, will
provide Sprott Resource Corp. with more than $14 million in annual cash
flows, which is more than enough to cover our costs to run the
business."

"We remain committed to enhancing shareholder value through our
long-standing normal course issuer bid ("NCIB") and when appropriate
will continue to buy back shares for cancellation when we believe the
share price does not fully reflect the net asset value of the
business," concluded Mr. Yuzpe.

SRC Equity attributable to shareholders as at September 30, 2013

The following table outlines SRC's equity attributable to shareholders
as at September 30, 2013 and reflects the value at which individual
items are carried on SRC's balance sheet.

As at

(in thousands)

September 30, 2013

Cash and Cash Equivalents1

$

1,499

Gold Bullion2

81,756

Other Current Assets

1,597

Consolidated investment in:3

OEOG (defined below)

17,023

One Earth Farms (defined below)

36,603

Fair value investment in:

Long Run4

196,100

Union Agriculture Group5

33,127

Virginia Energy (defined below)6

2,078

Potash Ridge (defined below)7

3,963

Other investments

2,536

Equity investment in:

Stonegate Agricom (defined below)8

17,653

ICD (defined below)9

48,843

Liabilities

Less: Current Liabilities

(53,666)

Less: Non-Current Liabilities

(5,713)

Total equity attributable to shareholders (NAV)

$

383,399

(assets in thousands)

Sept. 30, 2013

Net assets attributable to shareholders of the Company

$

383,399

Number of share outstanding as at September 30, 201310

99,351,131

Net assets per share

$

3.86

1.

Cash held at SRC and does not include cash held by subsidiaries of SRC
or investee companies.

2.

As at September 30, 2013, SRC held 59,829 ounces of gold bullion valued
at $1,366.49 per ounce. Subsequent to quarter end, the Company disposed
of its entire gold bullion position for gross proceeds of approximately
US$76 million.

3.

One Earth Oil & Gas Inc. ("OEOG") and One Earth Farms Corp. ("One Earth
Farms") are controlled subsidiaries of SRC and are carried at their
book value.

4.

As at September 30, 2013, SRC owned 35.7 million shares of Long Run
(common shares and non-voting preferred shares) valued at 5.50 per
share.

5.

As at September 30, 2013, SRC owned 3.4 million common shares of Union
Agriculture Group valued at $9.79 per share, which is the price that
the Company has recorded as fair value.

6.

As at September 30, 2013, SRC owned 9.4 million common shares of
Virginia Energy Resources Inc. ("Virginia Energy") valued at $0.22 per
common share.

7.

As at September 30, 2013, SRC owned 21.2 million shares of Potash Ridge
Corporation ("Potash Ridge") (common shares and non-voting preferred
shares) valued at $0.18 per share. Also included in the balance is $0.3
million of warrants.

8.

As at September 30, 2013, SRC owned 71.0 million common shares of
Stonegate Agricom Ltd. ("Stonegate Agricom"), valued at its market
value of $0.24 per share.

9.

As at September 30, 2013, SRC owned 2.5 million common shares of
Independence Contract Drilling, Inc. ICD is not publicly listed and the
Company equity accounts for this investment.

10.

As of the date hereof, SRC has 98,847,731 common shares outstanding.

Financial Highlights for the three-months ended September 30, 2013

For the three-months ended September 30, 2013, the Company reported a
net loss attributable to the shareholders of the Company of $8.0
million ($0.08 loss per basic and diluted share respectively), compared
to a net loss attributable to shareholders of the Company of $56.8
million ($0.53 loss per basic and diluted share respectively), reported
in the same period of 2012. The net loss for the three-months ended
September 30, 2013 was primarily the result of the impairment of
certain AFS investments ($5.9 million), the impairment of Stonegate
($8.5 million), management fees ($2.3 million) and general and
administrative expenses ($2.9 million), which was offset by an increase
in the fair market value and gain on disposal of gold bullion ($10.1
million) and a deferred income tax recovery ($1.3 million).

For the three-months ended September 30, 2013, the Company has purchased
and canceled 0.9 million common shares under the Company's normal
course issuer bid at an average cost of $3.30 per share for an
aggregate cost of $2.9 million. Subsequent to quarter end, and as at
the date hereof, the Company has purchased and cancelled an additional
0.5 million common shares under the NCIB at an average cost of $2.88
per share for a total cost of $1.5 million.

Equity attributable to the shareholders of the Company decreased to
$383.4 million as at September 30, 2013 from $459.9 million as at
December 31, 2012. The $76.5 million decrease in equity attributable to
the shareholders of the Company was primarily the result of a decrease
in the value of gold bullion from market value changes and disposal
($41.5 million), decrease in property, plant and equipment ($16.6
million), increase in the margin account and credit facility ($50.9
million) and a decrease in cash and cash equivalents ($5.0 million),
which was offset by increases in Goodwill ($6.7 million) and
exploration and evaluation assets ($14.8 million).

For the three-months ended September 30, 2013, the Company recorded a
fair value increase and gain on disposal of $10.1 million in its
physical gold bullion holdings. As at September 30, 2013, the Company's
gold bullion had a fair market value of $81.8 million (December 31,
2012: $123.3 million) compared to a cost of $61.0 million. The realized
gain on gold bullion sold during the quarter was $6.7 million.

SRC corporate developments:

The Board of Directors of the Company has appointed Steve Yuzpe to serve
on the board until the next annual general meeting.

SRC also announced that Paul Dimitriadis will resign from the position
of Chief Operating Officer of Sprott Resource Corp. effective December
31, 2013, in order to pursue opportunities outside of the Company.

Subsequent to quarter end, the Company disposed of its entire gold
bullion position for gross proceeds of approximately US$76 million. The
Company intends to pay the Margin Account in full, leaving
approximately $24 million in cash. In addition to providing capital for
additional investment opportunities, the Company will save
approximately $900 thousand in interest and storage costs annually.

Achievements by SRC Subsidiaries and Investees for the three-months
ended September 30, 2013 and to the date hereof:

Stonegate Agricom Issues Common Shares to SRC

On July 24, 2013, Stonegate Agricom completed their previously announced
short form prospectus offering (the "Stonegate Offering") of units (the
"Units") of Stonegate Agricom. SRC acquired beneficial ownership of
12.5 million Units for a purchase price of $0.30 per Unit pursuant to
the Stonegate Offering. Each Unit consists of one Share and one Share
purchase warrant (a "Stonegate Warrant"). Each Stonegate Warrant will
entitle the holder thereof to purchase one Stonegate Share at an
exercise price of $0.40 per Stonegate Share for a period of 24 months
following the closing of the Stonegate Offering. On August 8, 2013, the
agents exercised their over-allotment option in full, resulting in the
sale of an additional 5 million Units at a price of $0.30 per Unit.

Following completion of the Stonegate Offering, SRC beneficially owns
71.0 million Stonegate Shares, which based on information contained in
documents publically filed by Stonegate Agricom, represents
approximately 36.5% of the issued and outstanding Stonegate Shares. SRC
acquired 12.5 million Stonegate Warrants which, based on information
contained in documents publically filed by Stonegate Agricom,
represents approximately 32.6% of the issued and outstanding Stonegate
Warrants.

On August 14, 2013, SRC filed an amended and restated technical report
entitled "Amended and Restated NI 43-101 Technical Report Paris Hills
Phosphate Project Bloomington, Idaho, USA" effectively dated February
28, 2013 and amended and restated as of July 8, 2013 (the "Amended Technical Report"). The Amended Technical Report was filed solely to ensure that a
"Qualified Person" (as that term is defined in National Instrument
43-101 - Standards of Disclosure for Mineral Projects) had taken responsibility for each section of the previously filed
technical report. A copy of the Amended Technical Report is available
on SEDAR at www.sedar.com under SRC's profile.

One Earth Farms

During the second quarter of 2013, Michael Beretta was appointed Chief
Executive Officer of One Earth Farms. In November 2013, Gael Mourant
was appointed Chief Financial Officer of One Earth Farms. Ms. Mourant
is an experienced business leader who has held a number of senior
positions in the manufacturing and financial services sectors including
at the CFO and CEO level over the past 20 years. Her background in
financial reporting, debt and equity financing, and operational
improvement initiatives are expected to be a valuable addition to the
One Earth Farms executive team.

In July 2013, One Earth Farms acquired Sweetpea Baby Foods Ltd. a
company that markets frozen organic meal options and snacks for babies
and toddlers across Canada.

As of November 14, 2013, harvest operations are substantially complete.

One Earth Oil and Gas

In October 2013, Peter Sametz was appointed to the position of Chief
Executive Officer. Mr. Sametz is an experienced energy industry leader
and was most recently with Connacher Oil and Gas for an eight year
period in a variety of senior operational roles including President,
COO, and Interim CEO. Blaine Favel remains with OEOG in the role of
Executive Chairman and together with Mr. Sametz will have the
responsibility for advancing OEOG's joint venture with Gift Lake
Energy.

About Sprott Resource Corp.

SRC is a Canadian-based company, the primary purpose of which is to
invest and operate in natural resources through its subsidiaries.
Through acquisitions, joint ventures and other investments, SRC seeks
to provide its shareholders with exposure to the natural resource
sector for the purposes of capital appreciation and real wealth
preservation. SRC is well positioned to draw upon the considerable
experience and expertise of both its Board of Directors and Sprott
Consulting LP ("SCLP"), of which Sprott Inc. is the sole limited
partner. Pursuant to a management services agreement between SCLP and
SRC, SCLP provides day-to-day business management for SRC as well as
other management and administrative services. SRC invests and operates
through Sprott Resource Partnership ("SRP"), a partnership between SRC
and Sprott Resource Consulting Limited Partnership, an affiliate of
SCLP which is the managing partner of SRP.

Forward Looking Statements

This news release contains certain forward-looking information and
statements (collectively referred to herein as "Forward-Looking
Statements") within the meaning of applicable securities laws. The use
of any of the words "expect", "anticipate", "continue", "estimate",
"may", "will", "project", "should", "believe", "plans", "intends" and
similar expressions are intended to identify Forward-Looking
Statements. In particular, but without limiting the forgoing, this news
release contains Forward-Looking Statements pertaining to: (i) SRC's
future strategies, outlook, investment opportunities and anticipated
events or results; (ii) the receipt of dividends by SRC from certain of
its holdings; and (iii) potential use of SRC's normal course issuer
bid. Forward-Looking Statements are based on a number of expectations
or assumptions which have been used to develop such information and
statements but which may prove to be incorrect, including, but not
limited to the future outlook for the energy sector and, in particular,
natural gas. Although SRC believes the expectations and assumptions
reflected in such Forward-Looking Statements are reasonable, undue
reliance should not be placed on Forward-Looking Statements because SRC
can give no assurance that such expectations and assumptions will prove
to be correct. The Forward-Looking Statements included in this new
release are not guarantees of future performance and should not be
unduly relied upon. Such information and statements, including the
assumptions made in respect thereof, involve known and unknown risks,
uncertainties and other factors, which may cause actual results or
events to differ materially from those anticipated in such
Forward-Looking Statements, including, without limitation:

(i) general economic, market and business conditions; (ii) market
volatility that would affect the ability to enter or exit investments;
(iii) risks associated with the oil and gas industry in general (e.g.,
operational risks in development, exploration and production; delays or
changes in plans with respect to exploration or development projects or
capital expenditures; the uncertainty of estimates and projections
relating to reserves, production, costs and expenses, and health,
safety and environmental risks); (iv) commodity price and exchange rate
fluctuations and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development projects or
capital expenditures; (v) the ability of the Company to repurchase its
securities may be limited by applicable corporate law; and (vi) those
listed under the heading "Risk Factors" in SRC's annual information
form dated March 28, 2013. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
Forward-Looking Statements prove incorrect, actual results, performance
or achievements could vary materially from those expressed or implied
by the Forward- Looking Statements contained in this news release. The
Forward-Looking Statements contained in this news release speak only as
of the date of this news release, and SRC does not assume any
obligation to publicly update or revise any of the included
Forward-Looking Statements, whether as a result of new information,
future events or otherwise, except as may be expressly required by
applicable securities laws.

Information Regarding Disclosure on Oil and Gas Information

Where amounts are expressed in a barrel of oil equivalent ("boe"), or
barrel of oil equivalent per day ("boe/d"), natural gas volumes have
been converted to barrels of oil equivalent on the basis that 6
thousand cubic feet ("mcf") is equal to one barrel of oil. Use of the
term boe may be misleading, particularly if used in isolation. This boe
conversion ratio is based on an energy equivalence methodology, and
does not represent a value equivalency. Indeed, the energy and value
relationships may differ widely with market conditions. The conversion
conforms to the Canadian Securities Regulators' National Instrument
51-101 - Standards of Disclosure for Oil and Gas Activities.